Why The Philippines Has So Much Foreign Reserves
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- čas přidán 22. 07. 2024
- The Philippines' large foreign reserves are often misunderstood and underappreciated, but they play a crucial role in protecting the economy from external shocks.
Narrated by Tom McKay
Video Edited by iyanbriandi
Timestamp(s):
0:00 The Foreign Reserves
1:08 The Big Debate
3:50 Debts & Imports
5:28 Misconceptions
8:17 Conclusion
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Brought to you by the Behind Asian Team.
The Philippines foreign reserves is clearly massive. Should Filipino's then be optimistic about the Philippines' future given its large foreign reserve, or are there underlying issues that could impact the country's long-term stability? Let us know down below!
I am happy that my "my going out of the Philippines to survive" somehow help my country. But about the future of the Philippines, I'm not sure if I can be optimistic, I don't know why we vote people into the government to chase criminals and not to fix the system, even just a little fix in the micro level is a big help to the everyday Filipino. For example, the process of "going out of Philippines to survive" is unnecessary too much hard, you get a visa, get excited about your future, but then, you are not still allowed to go out till that visa expires. It's nonsense, frustrating. Just a little fix to that will be great.
Yeah how much is the total foreign reserves
I'm a Filipino, I don't feel it 😂
I've researched Benjamin Diokno (The Finance Chief)
I'm surprised at how well foreign critics see The Philippines' financials
It's very robust (Even with a failure of a Government the past administration has been)
-- BUT, our growth is dependent on the Dollar (65% - This is a POTENTIAL Risk), Now that the Dollar value is quite vulnerable, we are getting dragged with it.
I don't see it as something to be Optimistic or Pessimistic...
@@upvotecomment2110 recovering from the failure that is the Aquino admin is, I agree, a miracle. Good thing Duterte stepped in.
This is the reason why the Philippines has so much potential. Imagine their economy just being driven by services and remittances. What if the country resolved its high cost of energy and irrigation problem and removed its strict policy on foreign investments? For sure, their manufacturing and agriculture industries will also grow, and their exports will eventually become bigger than their imports, which will surely make their foreign reserves and their economy, in general, grow even more. Oh, and I almost forgot about their growing tourism industry, which will also contribute massively in the future.
I think one problem could be the high electricity cost, as many multinational companies who want to make the Philippines their manufacturing site are turning away due to this issue.
The Philippines has an irrigation problem?? My family owns 17-1/2 hectares of irrigated rice land in Masbates. There are un-irriaged rice paddies dependent on season rains?? 😃😃😃😃😃😃
Have you ever think about those mainland chinese tourist having business in the like of 168, 999 , shopee, lazada. Earning and remitting it back to china. They are ofw. The remittance might be equal to those filipino sending in the money
Driven by remittances? Then we'll never get out of the need to produce OFWs as basically an export.
@@John77Doe why not ask DA for free irrigation since the land is use for Agriculture...
Aside from BPO Companies, Filipinos also cater to different services such as Social Media Management, Information Technology, Online English Teaching, and other jobs that do not fall under BPO. These professionals are paid in other currencies and thus contribute to the country's foreign reserves.
mga freelance na sumasahod ng 6 digit, dumadami na rin cla
This isn't good at all. They are COMPLETELY reliant on outside countries. So those countries will eventually squeeze them and make them do what they want😂😂😂Anytime u need a. Country who can't keep Ukraine stocked as your protector you already lost
@@RUTHLESSambition5 It's actually both.. other countries also rely on us Filipinos who are outside their country to provide services for them. I don't understand what Ukraine has to do with this.
@@sheenaqueen1847 They depend on America for protection. If America can't keep Ukraine stocked with weapons against lowly Russia they have NO SHOT against china. They are too reliant on outsiders and it will doom them like Ukraine
@@sheenaqueen1847 preech 😂😂😂
Fly high the Philippines 🇵🇭 ♥️.
This is why i Love this channel, he explains everything. From the positive side to the negative sides of a countries economic stands.
We should thank the OFWs for sending back money to the Philippines for their families. Thank you, OFWs! They should make a monument of the OFWs in the Philippines. The peaceful, hardworking people ambassadors, and humble heroes of the Philippines.
That’s why PBBM had said many many times that OFWs are heroes .
@@lolitadouglas5736 It was way back in GMA's time when they are called heroes. Heard it when I was still in highschool.
no, but they should create programs that would encourage ofw to keep sending foreign currency to the country.
i salute the sacrifices of our OFWs. But still hoping this is not the norm. its not right to send our best and brightest to let them serve foreign interests. ultimately, its the failure of the government if they cannot create job security for its own people.
let us stop romanticizing the sacrifices of common people and their "resiliency".
Let us hold our public officials accountable! never settle for less!
Your welcome boss.
Everything that contributed to the philippines growth but at the same time we are thankful to our filipino countryman who left and work everywhere in the world no matter what kind of job they will do.. its a heartbroken most of the times when you heard the news what happen to them unlucky they comeback dead on arrival i salute them and they are a good example of how a human can be. And also a big thanks to all foreign investors from all over the world for trusting filipino people to the the job locally well done. We always hope for the best for everyone. We just have to stay positive and never forget to say thanks and prayers
I hope people won't forget that while Philippines may have plenty of natural resources due to its location in the Pacific region, it's also the same reason why it is so vulnerable to climatic disasters and geological catastrophes. Nature has its ways of preserving itself.
We must make additional investments in the agricultural sector. Being self sufficient in this sector is crucial because it will offer our farmers a livelihood and enable them to better support their families. Exports of bananas, pineapples, and coconuts should rise. Let's help our agricultural sector by utilizing the Agri-Agra Reform Credit Act of 2009. To survive in these trying times, we must eat food that we grow ourselves.
That is so true. Government should invest in agriculture and train people how to produce food.
Yes, yes! Support the local farmers!
yes, absolutely right 💯
But unfortunately,
OFWs are always the priority because they are economic saviors and are always placed above the pedestal
and not our agricultural farmers
Malabo yan lalo kung may pulitiko k n nsa committee mismo ng agriculture pero puro subdivision ang negosyo. Ha ha
This I totally agree.
Wow,God Bless Philippines,fly high
We have the Philippine Central Bank Governor and the Finance Secretary to thank for prudent monetary policies. They are the behind-the-scenes heroes that are unbeknownst to most Filipinos.
My Aunty was on the Central Bank during the GMA Presidency. She has an undergraduate degree in economics and a Law Degree. The Philippines is doomed if people like her are appointed to the Central Bank. 😃😃😃😃😃😃
@@John77Doe Was she incompetent, corrupt, or both?
@@John77Doe you forgot that it was in GMA's time where we paid all our IMF DEBT and because of her we became a creditor.. and not a borrower up until now.. also it was GMA whom open OUTSOURCING here in the Philippines.. NOYNOY ABNOY took all the credit!!
People tend to forget that it was Late President Marcos whom amended the 10BILLION reserved from 10Million which makes our reserves grow in Central Bank.. specially after DUTITI he also added more Billions to our reserved.. which the YELLOWSHIT never did!!!
Finally, someone who realize the importance of a competent Central bank governor and finance secretary ,and why should they have a huge salary.
It should also be noted that although the Phils imports more than what it exports, a huge chunk of the imported items are actually capital goods, raw materials, and production machineries that are used to produce goods that are not only consumed locally but are also being sold abroad as well thereby generating dollars that somehow offset the dollar outflow due to the trade imbalance
The trade deficit is import - export so export it is already factored in the trade deficit figure. The other factor that is not included is Tourism. So BPO + Remittance + Tourism balance out the Trade deficit.
*medical workers?*
filipino nurses & medical workers abroad (even before pandemic / probably since the 1970s) played a pivotal role in the dollar remittances & our savings (foreign reserves)
i'm not discounting the engineers, and other contract workers oversees and the BPOs
filipino medical workers really helped play one of the biggest roles in shaping the philippine economy, now and in the future
i think it was mentioned as OFW. they are considered overseas Filipino workers, no?
BPO is taking over, engineers? nurses? BPO outshines both of them, the main driving force of our economy right now is the BPO industry
OFWs video says. I think you guys are part of them whatever your occupation in abroad, it is still OFW. The only difference of OFWs to the BPOs like us is that we import dollars, earn them in peso, pay taxes, pay bills, pay house rent/real estate, pay for goods and necessities, help the economy by spending all those dollar imports here on our own soil. Nothing is going out, everything disolves here in our motherland yet government can't even mention us, help us just like how they treat OFWs. Sad reality for the unheard Puyat People.
Sympre kasama na yan. Hindi ibig sabihin na OFW hindi na kasama ibang work. Na mimiss understood lang minsan pero lahat na yan
They are included in the REMITTANCES part in case you did not reach that part. It says Services and Remittance. Remittance are money from workers abroad who sent their money in the Philippines like ofw and ocw e.g. medical workers abroad.
The latest updates on the Philippine dollar reserves is $102B according to Central Bank data.
😍😍😍
Now explain why the Government borrowed the mRNA non-vaccine funds from Japan?
Thank you for this. I didn't know about those other factors, I just compared our foreign reserves with other countries' numbers and we had a lesser amount. I can say we have a more stable economy than some other nations.
Well nuclear powered south asian country Pakistan's gross internal reserves has only about 11.2 billion usd as we speak
Incorrect. We do not have a stable economy. Paniwala ka kaagad. Mag isip muna. Hayss
When the Asian financial crisis struck our region, everyone was in frenzied panic. Thailand and Indonesia was dead in the water while the rest of the Asean countries where gasping for air. Protest and capital flight was a common occurence during that time. Asean countries where borrowing heavily from the IMF to replenish their depleted dollar reserves. The Philippine economy on the other hand was kept afloat by dollar remittances from abroad. It was a pretty nasty time for all of us here in Asean and i hope we don't go through that again.
The Ph also added contribution to IMF.
I think that year was in the year 2009 and at the same time the Philippines help Spain to borrow reserves worth 1 billion dollars.
@@alfie23ify you are partially right. It actually started in1997 and was still felt in the early 2000s. I lost a lot of clients within those years. No ones buying since everyone was holding on to their dollar. If that happened now, it would be total chaos since all of us are still recovering from those lockdowns. That's a very grim thought. I shudder everytime i think about it 😨
@@alfie23ify Was it Spain or Greece? I can't remember. Too old i guess 😁
@@jilsyorobe433 Good to know👍
Kudos to all Filipino Ofw around the world because of their remittance
Fair enough to know our Countrys Economic situation,thank you Sir..
Thanks to the brilliant minds of the Philippine treasury. Filipino think tanks are truly one of a kind & in born intellects.
The Philippines under PBMM has a. Bright future as far as Economy is concerned.
Heartwarming. Lots of high hopes for my beloved country
Thanks for explaining.
God bless the Philippines.
THANK GOD FOR HIS CARE AND PROVISIONS TO THE PILIPINOS.
Amen!
Amen and AMEN!!!
Thanks for using Divisoria as the visual for the Philippines on the ground. Unflattering but accurate.
That's the most accurate to depict the Philippine economy. Not the street scenes of BGC or Makati.
@@hakhaimo what made you conclude that divisoria is the most accurate depiction of the philippines? divisoria is old and dirty. bgc is new and clean. why stick to the old and dirty when there is new and clean?
@@wavemaker2077 tell me how many places there are that is like BGC, then I will tell you 10x of that number the places that are like divisoria.
That's what depiction means.
@@jaz1nce960 lol. We are talking about the economic aspect of the country here. At least show the financial districts.
Anyway, I will answer your question. Bgc, Makati, Ortigas, Alabang, Libis, FTI, Aseana, SM Central Business Park, Greenhills, Triangle Park. I'm sure I missed more especially in the northern parts of Metro Manila.
Now, your turn. Name the places that are like Divisoria. I counted 10 business districts. Enumerate the places like Divisoria. I hope you are smart enough to know how Divisoria looks like and what it is not. You need to enumerate 100 places like Divisoria.
Yep, I agree with this viewpoint.
let's go Philippines 🥰
Wow. A great video with simple explanation about the Philippines economic standing. Thank you.
Thanks Sir for your update.. Keep it uP Sir...GOD BLESSED THE PHILLPIMES!!! 🇵🇭🇵🇭🇵🇭...TO GOD BE THE GLORY!!!🙏🙏🙏...
Intelligent and skilled workforce, English speaking populace, natural resources, large diaspora are philippines' strengths. Salamat
But still poor.
@@Liboch hope you know about poverty in 'Western ' countries
@@rangarajan9080 I have been to many western countries
@@Liboch oh nice. I live in a Western country and citizen of 2.
@@rangarajan9080 have you been to the Philippines?
Now this is a content. Unlike those being showed by unreliable so called "vloggers"
Rise ASIA 😚 Rise Together!
To perseve
its currency and not to have it as devalued as the one from vietnam, indonesia.
True
what do you mean by that can you elaborate??
@@jheboii12051986 Such countries devalue their currencies to make it easier for foreign companies to move there. That works too but if you don't have a really good strategy it can be a recipe for disaster (foreigners making up the majority of having the land, businesses, ect which is the opposite in the Philippines). Effects of devalued currency is slowly affecting locals in such places (rent and housing got more expensive due to price jacked up due to foreign ownership of living spaces). In the Philippines foreign corporations and even just normal foreigners jump through hurdles and are required to have their business/homes at least 50% owned by a Filipino. One simple example of that means a foreigner if they want to have a house here, they have to give part of their ownership of their house lot/land to a Filipino citizen (usually their Filipina wife). I heard on where theu do not allow a foreigner to soley own it and they only recognize the Filipino spouse as the primary owner or something like that. That has a lot of downsides but the benefits are that it allows the Filipino locals to thrive in their own businesses (less foreign competition) and much less affected by the global economy (housing prices/rents are localized).
Filipinos are smart, they know how to manage finances. Don't underestimate their finance skills
More like many Filipinos are afraid of debts and going under. That reflects to the minimal usage of credit cards here.
@@siarnaqfrost4968 yep, that 98-99 crisis is still afresh in their memory. We all get to learn our lessons hard way.
In a Standard & Poor's (S&P Global Ratings) global study, Philippines ranked in the bottom 30 out of 144 countries surveyed, scoring only 25 percent in terms of financial literacy. Hindi pa gano'n ka financially literate ang mga Pinoy, remember marami paring pinoy ang nagpa practice na mangutang sa mga nagpapautang gaya ng 5/6. Ma diskarte lng talaga ang pinoy they know how to get by with their basic salary, kahit minimum wage.
@@tristan605 better to look at economic indicators yourself. With almost 2 yrs of imports in reserve. That's a good sign. They need to focus on tourism and infrastructure and voila, you have one hell of a country that's friendly, and an economic powerhouse
@@siarnaqfrost4968 since when did the Philippines' LOWEST HOUSEHOLD DEBT status became a problem?
The Philippines is not a credit driven country LOL
and also, why would i use a credit card whos interest rate is x12 of others?
i have atleast half a million under my name but I only have 1 credit card that is barely used.
Credit Interest rate in other countries are per anum, aka APR, interest rates varries around 0% upto 30% depende sa credit score ng cliente.
Meanwhile, d2 sa pinas nasa 3% per MONTH, which is 36% per anum, kahit malinis pa record mo, ganyan kalaki interest rate
katakot takot interest d2 oi!!
That's a great study & analysis... Been sending dollars online , and soon will be remitting personally thousands of dollars to my country 🇵🇭 as a contributing factor that will prove this study is showing facts .
this channel deserves more views!
Thank you for this video. Clarity 😊
In the Future, the Philippines will Rise HIGH because of Gold, Oil and Deuterium, together with Tourism, Agriculture, Foreign Services and Remittances...
Nice
They better imporve the agriculture and infrustructure first because the country first needs to be somewhat more self sufficient
@@bmona7550 true
@@bmona7550you have a point.
We will be.. without the corrupt officials and us Filipinos when we truely learn to love our country. We should learn the basic - discipline which mostly don’t have, sadly.
Ph must invest much in agriculture industries particularly technologies, irrigations, water reservoir and prudent management, post-harvest warehousing and cooling storages. Badly needed help in agriculture and farmers are what is needed by them.
Yeah i agree.... Especially Agriculture ♥️
Agriculture is a high-risk investment because of the 20+ typhoons that hit every year. Hoping the government will establish its own agricultural farmland to support our local needs, but so sad the politician are incompetent and warlords.
very valuable information indeed BA thank you!
Now I understand the importants of a cash dollar reserves of a country we are so blessed in our country that we have that huge reserves. I'm so sad for my friends from Sri Lanka they are so mad with their leaders because their country has run out of dollars reserves and became bankrupt and the culprit is their corrupt government.God blessed you PHILIPPINES 🙏Doha,Qatar 🇶🇦🇵🇭
Forget about dollar reserves. The real reserves in the Philippines is its gold reserves. That is what no one is discussing
The influx of foreign tourists also contributed to the factor specially during this post pandemic days and en masse arrivals of American military retirees wishing to spend the rest of their remaining years in the country.
Great video sir!! So informative and increases our optimism about our underrated country the Philippines! Thank you sir!!🙏🏻🥰
There is hope for us after all..❤❤❤🇵🇭
Thanks for a dissenting opinion of other “Economists” painting a grim outlook of Philippine economy in the midst of various global turmoil happening right now. Appreciate this video very much, Thanks.
Those institutions that purport to predict a country's economic trajectory are seldom accurate. Example, the IMF's recent claim that the UK economy will face recession this year. Meanwhile the UK economy is on a steady growth path.
Economist has the right to say that we do have a grim outlook. Our main source of income is outsource services (bpo and ofws). Ang natatabing pera lang natin is 100 billion usd. Ang utang natin is multiple trillion. Ang foreign reserve kang natin for import is good for 10 months. Positive at paligoy ligoy ang delivery ng video Pero talo tayo Kahit Anong angulo. Mag isip naman po Kahit Minsan.
Oh wow! Thanks to this video. I never thought. 🎉
The graph that shows 3 different presidential terms is very very interesting!
6:23 :)
@@raymond-qz6ld The Noynoy administration kinda showed little to no change, while the Arroyo and Duterte showed leaps. Very interesting.
@@covenant05 Noynoy was a master credit grabber.
@covenant05 i wonder why the leap is always on the last year. They know something.
Arroyo is an economist, and I'd say Duterte is a tactician.
@@covenant05 RIP to him
As long as we care about our OWN MONEY and ENTREPRENURSHIP, not from relying others.
MABUHAY PILIPINAS 🇵🇭
Yes, never trust outsiders. Philippines 🇵🇭 all the way ❤️🇵🇭
Ang source natin ng income is not from export but import of services sa ibang bansa. That means we rely on other peoples money. Wag po bobo please.
Thank you for educating me! I learned a lot.
In the near future when the Philippines oil reserves will explore this country will become one of the riches country in the entire world.
If you want to be rich dapar walang pilipinong tamad. Ang mayaman lalong yumayaman dahil wala silang ginawa kundi magpayaman. Ang mahirap lalong naghihirap dahil marami silang bisyo at tamad sila. Yung iba jan anak ng anak tamad pa magtrabaho.
weeeh
The buck stops with Bongbong's dad.
@@rannarann9316 blame government for that forpiece what ever you call it. It will need 2 more generation to bring the country to the top. Infrastructure like road, bridges, and power is on the way and new manufacturing is being built between manila to batangas along the toll road or freeway. 10 to 15 years from now Philippines will be like any other modern industrial country. Miles of Cement warehouse and building and good buy to green lush forest. Since dec 2020 I take that trip from Batangas port to Manila and its changing so fast. Imagine the whole Luzon and connecting island to look like downtown Manila. The beauty will be gone for the sake of being the best and the negative impact along with it.
Filipines has a long long way to compete with others man.🥱
another factor OFW's pension into a business investment when they go back home and retire to start a business. Also, the tourism factor attracts Europeans, Oceanians, Canadians, South Koreans, Japanese, and Americans to enjoy tourist spots in the Philippines for more than a month. Boracay, Palawan, Cebu, Siargao, Bohol, and Siquijor more and more tourists enjoy such as island hopping, scuba diving, snorkeling, kayaking, canyoneering, surfing, whaleshark watching etc..
Thank you so much
If we can only further develop Mindanao just imagine the potential of Philippines. The vast natural resources of that place so huge that it can put the country among the top 10 economies in the world.
But the problem is only politicians wants to be rich in PH
Gotta deal with the clashes first though.
The problem is politics
How about the habitats of animals in Mindanao?
@@ImTOKENithix specifically the culture there. I remember every now and then there are news about entire towns being evacuated coz some clan decide to quarrel with some clan.
Thank you for this informative video! ❤
Very informative thank you so very much. !
I remember when the then US president George Bush (the younger one) was asked who is the richest country in the world, he answered at once the "Philippines". I was surprised to hear that, coming from the man who holds the highest position in the world.
Highest position in the world? What made you think that the US President had the highest position in the world?
He was speaking about Yamashita's Gold. The gold looted by the Japanese during WW2 and hidden in the Phillipines before end of war.
BPO industry has been a big factor we need to make sure we are sustainable in the field but AI will replace us sooo we need to adapt.
Thats why we need to produce more engineers, IT, AI and business intellegence. Not fucking lawyers
Well explained by behind Asia
Great dedication and education. It's only a matter of time for the Philippines.
Commending the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) as well as other government agencies for all of this. If it weren't for such, the country would not be resilient to recession like the Global Financial Crisis.
I subscribed because of this kind of content. thanks for sharing this kind of data and info.
Thankyou for this information 💙🇵🇭
Filipinos really need to commend the work of the Central Bank, they really have worked hard to ensure that every Filipino's hard work translates into concrete gains for the Philippine economy and maintains it to the future.
Dapat ubusin na ang mga kawatan sa Pilipinas para hindi na tayo mahirapan pa nang husto.
That's why we must love and protect our OFWs and BPO employees. 😍😍😍
Mabuhay and God bless the Philippines! 🇵🇭🤩❤
Philippines let say is not to commercialized compared to its neighbor such us thailand and indonesia. But you can see their are so many foreign manufacturing here established almost many decades ago. The country not just focus on BPO industry and OFW remittances but it also has its manufacturing in space parts, chemicals, semiconductors , ship building , with the creation ofCARRS of the government theindustry for car manufacturing was coming back agriculture simce its tropical country mining ore is one of its top mineral export. But one of the list is Tourism and even medical tourism . Its so much to offer we can branded it as SM malls we hot it all for you….
Being an archipelago country is slowing us down. The bodies of water in-between land makes trade, travel and services expensive, and the differencs in dialect also hinders progress. Not to mention being a logistical nightmare for commodities and people. That's why we are so similar to Indonesia
differences in language? We have two common language and everybody can speak.
Our brother INDONESIA is a rich country not to compare..they are friendly just like filipinos so many ways we have in common
@@eagleofthenorthmacroexcell6843 I clearly wrote "dialect", not language. We would be better of with a more uniform and universal dialect I'm sure
@@fukun5773 Its the same whether different language or dialect they can understand each other using a common language or dialect like in Luzon they used Ilocano and tagalog, Visayas and Mindanao is visaya and tagalog.
This is actually true.
It's not coincidence that I have open utube channels. My first time watching and listening with this kind of information. Hallelujah Glory Hallelujah. My heart so thrilled 🔥🔥🔥. Blessed be the Mighty Name of the Creator God forever and ever ❤️💖🔥🔥🙏🙏
Thank you for sharing this video ❤
Be careful on how you make use of your foreign reserves because it can be depleted with black swans and investment traps. All the best to Philippines; a lovely country with pleasant people.😌
In a good position because despite of having a not so huge amount of Fed.reserve a huge volume of gold reserve is good enough to put the country in a good position.
Very informative! 👏
thank you sir.for giving us.good imfo.god bless.
Mainstream media keeps echoing statistics that the Philippines external debt rises with out explaining how the debt was accumulated over the years. External Debt over GDP over foreign reserve has co-relation. Media always picture that external is always debt a bad thing.
Currently the Philippines is slowly improving its export industry through economic reforms by the Marcos administration. Not only that but also agriculture is being modernized.
That sounds so wrong. Can't we call him Bongbong instead of Marcos?
@@danielch6662 He is a Marcos. So whether people like it or not. We always use, along with the rest of the world, the last name of the leaders to refer to the Administrations that is currently in control.
I really hope the agriculture sector is being modernized after alot of videos circulating with farmers not harvesting their produce coz of very low prices offered by buyers. And the fears of cheaper agri products from other countries with the ratification of rcep to further worsen the agri industry.
"agriculture is being modernized" you forgot your meds again
I love this video it is not one sided but rather balanced there by telling the truth!
Informative❤🏆👍❗️ thank you🌷
Electricity cost is high so its hard for the merchandise deficit to be erased coming from the manufacturing industry.
Its because of the stranglehold of a few oligarchs who monopolies and control all the major industries in our country! Hopefully, time will come it will return to the state and benefit more of our countrymen!
there is a solution to that high electricity cost...build nuclear plants ..if other country can build their own why not us?
Travel is again picking up as well as the retirement destination. Northern Philippines is on a path to becoming a holiday destination for Hong Kong, Taiwan, China, Korea, Japan and more.
Real estate for these including the development of malls, beach resorts, casinos, and maybe Golf courses are also coming.
good news..thank you sir😊😊
So Wise , Thank You.
Apart from foreign reserves, the Philippines has vast resources of OIL AND GAS underneath its grounds, less exploited gold and other minerals. I am very optimistic of the Philippines economic future.
My prediction for the Philippines is that it would continue to be one of the fastest growing economies in the world, as long as its prudent economic management and political stability are both held constant
Imagine if the government will focus on that sector. How rich is the Philippines 10-15 years from now. 😌 tourism sector is just a bonus. 👌
Thank u OFWs!
Thank you sir for enlightenment to ordinary filipino people......now its clear....
Very informative channel. I SUBSCRIBED HERE ❤❤❤❤❤
Ang Dollar reserved is important to prevent from economic bankruptcy like what happened in Sri Lanka luck of dollar reserved no money to pay even gas
*lack
Pasenya kana sa luck na yan baka naman hanggang grade six lang Ang inabut …
A negative trade deficit is nothing bad at all. It would not be a good idea to reduce imports. Just imagine they even import rice from countries like Vietnam. It is not that they dont succeed in farming, but in most areas, alternative farming products like tobacco, palm or even friuts are more productive. And a big part of the harvest is for own use, what makes the country autark.
Now they can build monetary reserves despite the trade deficit because of the miracle of remittances, everything amazing so far. But why the economic strengt does not affect the wealth of the people? This has to do with the governmental debts, governmental expenses and corruption. For that reason, infrastructure is still among the worst worldwide and improvement is too slow. There lies the real potential of improvement of the country.
Just did a search on countries that makes use of remittances. It boggles my mind that Mexico and the Philippines(both with almost the same population) are in the top 5 along side India and China with populations 10-14times larger than theirs. Human resource is not something to sneeze at and these 2 countries have it in spades. Its even funnier that both Mexico and the Philippines were once Spanish colonies XD
@@covenant05 mexico's country run on drug cartel money
A seminar I attended stated that one reason why we import lots of agricultural product is because our population is greater than the food produced by farmlands in the Philippines. Our population is increasing, while farmers are decreasing. More farmers chose to work overseas than farm. I also noticed that many agricultural products cannot reach the main market well which caused waste. So, there is a problem with logistics for agri products. Plus a bulk of our import is processed oil (for cars etc) because we do not have a lot of oil refineries in the Philippines so we rely heavily on oil imports. Maybe electric cars/machines can help with these. One reason why govt want newer public transpo is to reduce oil consumption. We do not have factories for international brands because these companies preferres cheap inhumane labor costs which our labor laws do not allow. The good thing is we have a lot of online workers who receive compensation abroad.
Because of overseas workers which continues to rise and bpo companies establishing in the country.
Thank you❤
OFWs are heroes according to PBBM . He valued all of us . Money remittances are making the reserves as high as billions .
That's why those developed or rich countries are attracted to our country in terms of many aspects. Good and informative content! Thanks!
this video only adds to the complacency of PH government in aspects of high quality job creation and producing more value added exports that will close the trade deficit gap, not to mention the dismal neglect in the agricultural sector which is self inflicted inflation, also forgot to mention the growing complacency of PH in the BPO sector which can be replaced by several other countries and the threat of AI and or automation.
I work in a foreign company here in the PHilippines but not actual BPO, its true Philippines is praised by investors when it comes to service and IT industry
With the narrative stated here you did not mention that physical gold here is far larger that all other countries.
And where are these golds? 😅
Vietnam n Indonesia strong ❤
thank you for this content. I hope you will allow me to use it for commentary video and tell my fellow filipinos all the info . thank you
Watching from Brampton, Ontario, Canada ❤😊😊😊❤
Never trust outsiders! I love my country ❤️🇵🇭 we will not depend on others!
Bakit, anong kakayahan natin pag dating sa teknolohiya para ma improve ang lahat ng ahensya..wala..kaya kailangan din natin ng mga foreign techology para for development..kita mo naman panay lipad ang pangulo para mag atract pa ng mga investor sa atin..daki nyung alam ehh
I've researched Benjamin Diokno (The Finance Chief)
I'm surprised at how well foreign critics see The Philippines' financials
It's very robust (Even with a failure of a Government the past administration has been)
-- BUT, our growth is dependent on the Dollar (65% - This is a POTENTIAL Risk), Now that the Dollar value is quite vulnerable, we are getting dragged with it.
so it was a failure, but the financials are robust? I can't seem to put two and two together.
@@yesidothecooking That because monetary policy and econmic policy is two different things. Its also the reason why Central Bank is an independent institution and the President cannot dictate their policy. CB's mandate is to manage stability of the country's financial system and inflation. That's it.
In the 4th quarter of 2022, philippines listed a GDP of 7.2% its the highest in 46 years. Despite the pandemic situation, global crisis and war (ukraine v russia), philippines just made economical growth beyond expectations. This present government is really doing a good job.
I hope that our peso to dollar rate goes a bit lower too.
excellent
We should thank the BPO industry for shoring up the dollar reserves.